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Luxury Car Market
The Jain community has put up an impressive show of its formidable buying power by driving home 186 high-end cars after securing discounts of Rs 21 crore. This "one-of-its-kind deal" with luxury automobile brands like BMW, Audi and Mercedes was pulled off by the Jain International Trade Organisation (JITO), its vice president Himanshu Shah told PTI on Saturday. JITO is a not-for-profit community body with 65,000 members from across India, he said. These 186 luxury cars, each priced between Rs 60 lakh and Rs 1.3 crore, were handed over to their owners across India between January and June this year. JITO's nationwide drive helped our members save Rs 21 crore in the form of discounts, said Shah. He said the organisation was just a facilitator and did not profit from this deal. The majority of the cars were bought by Gujarat-based Jains, Shah added. It all started when some JITO members suggested leveraging the community's strong buying power to secure heavy discounts from carmakers
The ED on Wednesday raided premises linked to actors Prithviraj, Dulquer Salman and Amit Chakkalackal and some others across Kerala as part of its investigation into a recent Customs case related to alleged smuggling of luxury vehicles from Bhutan to India, official sources said. The searches by the Enforcement Directorate (ED) also covered certain vehicle owners, auto workshops, and traders in Ernakulam, Thrissur, Kozhikode, Malappuram, Kottayam and Coimbatore. A total of 17 premises are being covered, the sources said. The action is being taken under the Foreign Exchange Management Act (FEMA) in a recent case unearthed by the Customs related to alleged smuggling of high-end luxury vehicles and unauthorised foreign exchange dealings. The searches are based on inputs exposing a syndicate engaged in illegal import and registration of luxury cars such as Land Cruiser, Defender, and Maserati through the India-Bhutan/Nepal routes, they said. Preliminary findings, according to the ...
A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season. The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation. In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers. Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted. "Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated. He also hoped that the sustainable push ..
British super luxury carmaker Aston Martin is bullish on the Indian market and is looking to expand its footprint to tap the growing demand which is coming even from Tier II and III cities, according to a company official. The company, which on Thursday launched its all-new Vantage model in India priced at Rs 3.99 crore, plans to continue to bring models to the country simultaneously with the global launch. "India is a very important and a promising market and hence you would see that they (Aston Martin) are launching all the models which are available globally in India as well," Aston Martin New Delhi Vice President - Operations, Anand told PTI here on the sidelines of the launch. Aston Martin New Delhi is the official importer of Aston Martin cars to India. "Next week, on September 2, we are launching (globally) our V12 flagship, which is going to be under wraps on what it is going to be called... And for the first time, that car will also be available immediately for the Indian
Tata Motors owned Jaguar Land Rover expects to grow faster than the luxury car segment this fiscal, as it bolsters localisation and expands product range, according to a top company executive. The company, which is set to commence local assembly of Range Rover and Range Rover Sport in India, witnessed a sales growth of 81 per cent in 2023-24 fiscal year at 4,436 units, as compared to FY23. The automaker aims to double its business in India over the next three years. "The luxury car segment grew in the range of 20-25 per cent last fiscal. We expect that the growth rate will remain in this range for the next couple of years. And we anticipate to beat this growth rate," Jaguar Land Rover (JLR) Managing Director Rajan Amba told PTI in an interaction. Initiatives like enhanced localisation of products, which would lead to reduction in prices and expansion of sales network in the country would help the company in growing faster than the industry, he added. Citing reports, Amba noted tha
German auto maker Audi is bullish on India but believes that till the time high taxes rationalise to a lower level, penetration of luxury cars in the country will continue to remain low compared to South East Asian countries, according to a senior company official. Audi expects growth of the luxury car market in India to moderate to low double digits in 2024 compared to around 25 per cent in 2023. "The overall car industry is growing, as well as the luxury segment is growing. Last year was one of the biggest numbers that the industry could achieve, which is also in line with the overall growth of the country," Audi India Head Balbir Singh Dhillon told PTI. He further said, "(India's) GDP is growing, all the parameters that you see for the growth of automotive industry is showing an upward direction. So we believe we are in the right space at a good time and it's time for India and we will continue to grow as well." Dhillon was responding to a query on how Audi is looking at India a
Luxury sports car maker Porsche India on Tuesday reported its best retail sales with 914 units in 2023, a growth of 17 per cent over the previous year. The company also fulfilled its commitment of an electric future by recording the highest number of 113 Taycan deliveries to date, Porsche India said in a statement. Besides, a record 65 units of the iconic 911 model were delivered in the same period, it added. Porsche India Brand Director, Manolito Vujicic said,"2023 was another strong year for Porsche India where sales of every model played a significant factor in our encouraging result." He further said it sets a good benchmark for 2024 which will see several new products being launched, as well as further expansion to the retail network. New showrooms will be opened in Pune and Hyderabad in the first half of the year as part of a continuing network expansion, the company added.
Lotus Cars, British manufacturer of high-performance sports cars, has entered the Indian market with the launch of three models of its electric SUV, Eletre, starting at Rs 2.55 crore. The company -- owned by Chinese brand Geely -- on Thursday launched three variants of its Eletre electric Sports Utility Vehicle (SUV) here -- Lotus Eletre, Eletre S and Eletre R, priced at Rs 2.55 crore, Rs 2.75 crore and Rs 2.99 crore, respectively (all ex-showroom pan-India). The company has selected Exclusive Motors as the authorised representative for Lotus Cars across India, which will open its first showroom in Delhi in the coming months. "This is the right time for entering the India market," said Dominic Baumgart, Head of Aftersales, Asia Pacific, Middle East, Africa, and India, Lotus Cars. Satya Bagla, Managing Director, Exclusive Motors India, said, "There is a lot of support from the Government of India, in the electrification programme and charging infra are created in a very fast manner.